An Indian banker, who earns about Rs 500 crore a year at Citigroup, is facing scrutiny over reports that he bullied colleagues during his tenure at JPMorgan.According to the Financial Times, Viswas “Vis” Raghavan joined Citigroup as head of banking in February 2024 and received a compensation package worth $52 million just days after leaving JPMorgan Chase.The hiring raised eyebrows because there had been complaints within JPMorgan about his behavior for years. Colleagues said Raghavan often used harsh and insulting language in the workplace, sometimes calling employees a “waste of calories,” “ignorant” and “incompetent.”In one case, he was accused of making inappropriate remarks to a junior banker on his first day on the job. He shared a personal anecdote about a woman he once found attractive, before adding “now, she’s fat,” according to the Financial Times. The comments prompted a complaint, which was later denied when the matter reached human resources.Some colleagues called him a “bully,” saying his behavior stood out even in the high-pressure environment of investment banking. His management style led to multiple internal reviews at JPMorgan, and at one point the bank reportedly cut his pay over behavioral issues.Raghavan also allegedly used vulgar language to describe his leadership style, saying he would “grab them by the ass”, a claim his spokesman denied.Despite these concerns, Citigroup defended its decision to hire him. The bank said in a statement that the recruitment process was thorough and not rushed.“The Financial Times mischaracterized the process by which Vis joined Citi,” the bank said.It added: “The work began in January 2024 and lasted for more than a month and included internal and external investigations and direct involvement of Citi’s senior leadership and board of directors.”Citigroup added that Raghavan “is a proven leader with a proven track record of driving results.”“We are delighted to have him join Citi’s executive management team and are proud of the business he has built here,” the bank said.The report also said that JPMorgan’s senior managers were increasingly concerned about his behavior, with some employees threatening to resign and others complaining to senior leaders, including CEO Jamie Dimon.After a management shakeup, Raghavan was told he had no future at JPMorgan. He was then offered a job at Citigroup within days.Citigroup told shareholders that the $52 million compensation package was necessary to “incentivize” him to leave JPMorgan Chase, but did not disclose that he had been informed that he might leave the company.Despite the controversy, Raghavan has built a reputation as a dealmaker over a career spanning more than two decades. During his 23 years at J.P. Morgan, he rose through the ranks to become one of the firm’s most senior investment bankers, playing a key role in growing its European business and leading major transactions.Since joining Citigroup, he has been credited with strengthening Citigroup’s investment banking division, attracting senior talent and helping to generate record revenue. He is now seen by some industry insiders as a potential successor to Citigroup CEO Jane Fraser.
